3R Petroleum Signs Natural Gas Sale Agreement With Bahiagás and Will Use Production From the Recôncavo Basin to Supply the Fuel

Written by Ruth Rodrigues

Published on 30/05/2022 at 10:26

Foto: Divulgação 3R Petroleum

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Making Its Debut as a Natural Gas Supplier in the National Market, 3R Petroleum Closed a Contract with Bahiagás and Will Invest in Production in the Recôncavo Basin to Supply Fuel for the Bahia Company

3R Petroleum revealed last Friday (05/27) its latest business in the Brazilian oil and gas sector, a natural gas supply contract for Bahiagás. Thus, the company will debut as a supplier of the fuel in the Brazilian territory and will utilize its production in the Recôncavo Basin for the partnership, which will be the company’s entry point into the supply of these resources in Brazil.

Bahiagás Will Now Receive Natural Gas from 3R Petroleum, Produced in the Recôncavo Basin with New Investments to Expand Fuel Exploration

In a statement released this Friday, oil and gas company 3R Petroleum announced that it will now be the natural gas supplier for Bahiagás and will be responsible for supplying a large portion of the fuel in Bahia territory.

With the signing of the contract, the company begins its business in the fuel supply sector in Brazil and expects to open doors for new ventures with other natural gas distributors in the national territory. Thus, 3R Petroleum will act as a supplier for Bahiagás with a price between US$ 6 and US$ 7 per million BTU, for a Brent reference between US$ 75 and US$ 125.

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Contract for Natural Gas Supply Represents New Market for the Company and a Diversification Strategy for the Fuel for Bahiagás

The entire contract closing was done with the benefit of both companies in mind, and Bahiagás is looking for domestic fuel producers, like 3R Petroleum, which has a strong natural gas exploration in the Recôncavo Basin. Furthermore, in addition to this contract, the Bahia distributor also currently has contracts with Alvopetro, Eagle, PetroReconcavo, and Origem Energia, proving its strategy of diversifying its fuel supply chain over the coming years.

Bahiagás is increasingly invested in diversifying its fuel purchases, especially after price increases by Petrobras. It is now on the lookout for new suppliers. Meanwhile, 3R Petroleum saw the venture as an opportunity to debut as a natural gas supplier and open new horizons within the national oil and gas market.

Thus, the company emphasized in an official statement that “The commercial partnership between 3R and Bahiagás is aligned with the company’s strategy to continually evaluate alternatives for better monetization of its production and for customer diversification, in order to generate value for shareholders,” reinforcing its pursuit of expansion in the Brazilian market.

3R Petroleum Signs Natural Gas Sale Agreement With Bahiagás and Will Use Production From the Recôncavo Basin to Supply the Fuel

Making Its Debut as a Natural Gas Supplier in the National Market, 3R Petroleum Closed a Contract with Bahiagás and Will Invest in Production in the Recôncavo Basin to Supply Fuel for the Bahia Company

Bahiagás Will Now Receive Natural Gas from 3R Petroleum, Produced in the Recôncavo Basin with New Investments to Expand Fuel Exploration

Contract for Natural Gas Supply Represents New Market for the Company and a Diversification Strategy for the Fuel for Bahiagás

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3R Petroleum Signs Natural Gas Sale Agreement With Bahiagás and Will Use Production From the Recôncavo Basin to Supply the Fuel

Making Its Debut as a Natural Gas Supplier in the National Market, 3R Petroleum Closed a Contract with Bahiagás and Will Invest in Production in the Recôncavo Basin to Supply Fuel for the Bahia Company

Bahiagás Will Now Receive Natural Gas from 3R Petroleum, Produced in the Recôncavo Basin with New Investments to Expand Fuel Exploration

Contract for Natural Gas Supply Represents New Market for the Company and a Diversification Strategy for the Fuel for Bahiagás

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SpaceX will dock a $843 million vehicle to the International Space Station to push a nearly 420-ton laboratory against the atmosphere and make the debris fall in a controlled manner into the ocean.

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